According to the opening credits of this cartoon, it was originally released in 1937. If for some reason it was reissued during the early stages of WW2, some of the following contents of the cartoon may have been the reason:
1) The location of the subject is Hawaii where there was a great loss of American lives, mostly U.S. Navy;
2) One of the characters is wearing a partial navy sailor's uniform;
3) The character in the navy sailor's uniform gets too close to the fire and gets his rear-end burned;
4) Another character at the end becomes a supposed fatality in Hawaiian waters and is buried in a grave near the ocean (then pops up out of the grave alive at the end) with the item that was supposed to keep him afloat becoming his tombstone.
5) Near the finish, the characters gathered around the grave are less than mournful.
If this cartoon was banned, especially during WW2, it may have been only for the duration of the war.

Is Hawaiian Holiday really CC0 1.0 Universal? Everyone can copy, modify, distribute and perform the work, even for commercial purposes, all without asking permission?

The title of this review says it all, if in fact it was or is banned at all; I'm in complete agreement with the previous reviewer--there's nothing at all wrong with this cartoon. Setting aside the subject matter and the tiresome political baloney, just look at the cartoon itself, simply as a cartoon; the animation is technically superb. It was entirely hand drawn, thousands upon thousands of meticulously detailed cels to make this less-than-eight-minute masterpiece. And it was funny, too, a lot funnier than most of the pure, copperbottomed CRAP being produced today. But then, I readily admit to being hopelessly old-fashioned.

first off the cartoon was released In 1937 NOT 1941 and there is nothing objectable in this film

It is possible the ban was a result of the year of its release (1941), the locale (Hawaii) and the last 25 seconds, in which Goofy is thrown through the air, accompanied by the sound of a dive bomber, to land in a grave with his surfboard as a tombstone. After Pearl Harbor, some may have found this cartoon insensitive to the families of those killed in the attack.

On an entertainment note, I always have to admire Goofy's attitude. He never gives up, and he tends to laugh at his own mistakes.

I really do not know because it was one of my favorites as a kid. I've found some references that it is about stereotypes was the reason for the ban.

Aside from not being very funny, I am having a rough time understanding why this was banned.